Broker Name: DBS Bank Ltd
Date of Report: 7 Jan 2026
Excerpt from DBS Bank Ltd report.
Report Summary
- Singapore consumer spending is shifting towards non-discretionary items, with supermarkets and health & beauty seeing resilient growth, supported by government SG60 vouchers and a broader wellness trend. Outward-facing discretionary categories like apparel are declining, while Watches & Jewellery are up due to higher gold prices, not volume growth.
- Packaged food and beverage companies are expected to benefit from lower input costs, with Thai Beverage favored for its strong market position and potential value unlocking at F&N; DFI Retail is the top pick for its attractive valuation and growth in health & beauty. Gaming is seeing K-shaped growth, with VIP segments strong but mass market weak, and GENS is rated HOLD amid ongoing competition.
- Restaurant sales are under pressure due to more at-home dining, rising competition, and higher operating costs. Automated vending solutions are an emerging trend, with iJooz and Chef Genie leading fresh beverage and food vending machine expansion across Singapore and into markets like Japan.
- Key stock recommendations: BUY on DFI Retail and Thai Beverage, HOLD on Sheng Siong, Genting Singapore, and Delfi. Food Empire and F&N are non-rated but seen as potential beneficiaries of value-unlocking corporate actions and resilient demand.
Above is an excerpt from a report by DBS Bank Ltd. Clients of DBS Bank Ltd can be the first to access the full report from the DBS Bank Ltd website: https://www.dbs.com.sg
